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July 2013

A. P. (DIR Series) Circular No. 107 dated June 4, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Import of Gold by Nominated Banks / Agencies

Presently, banks can import gold on consignment basis only to meet the genuine needs of exporters of gold jewellery.

This circular provides that, with immediate effect: –

1. Along with banks, all nominated agencies/premier /star trading houses can import gold on consignment basis only to meet the genuine needs of exporters of gold jewellery.

2. Except in the case of import of gold to meet the needs of exporters of gold jewellery, all Letters of Credit (LC) opened by banks/nominated agencies for import of gold under all categories will only be on 100 % cash margin basis and all imports of gold have to be compulsorily on Documents against Payment (DP) basis.

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